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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.5x - 9.4x | 8.9x |
| Selected Fwd EBIT Multiple | 3.3x - 3.6x | 3.4x |
| Fair Value | €0.96 - €1.02 | €0.99 |
| Upside | -9.4% - -3.7% | -6.6% |
| Benchmarks | Ticker | Full Ticker |
| Dixon Technologies (India) Limited | DIXON | NSEI:DIXON |
| Hisense Visual Technology Co., Ltd. | 600060 | SHSE:600060 |
| Panasonic Holdings Corporation | 6752 | TSE:6752 |
| Sony Group Corporation | 6758 | TSE:6758 |
| LG Electronics Inc. | A066570 | KOSE:A066570 |
| TCL Electronics Holdings Limited | TC2A | DB:TC2A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DIXON | 600060 | 6752 | 6758 | A066570 | TC2A | ||
| NSEI:DIXON | SHSE:600060 | TSE:6752 | TSE:6758 | KOSE:A066570 | DB:TC2A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 45.1% | 41.6% | 8.7% | 10.9% | 7.0% | 17.7% | |
| 3Y CAGR | 60.8% | 23.0% | 9.0% | 8.7% | -5.5% | NM- | |
| Latest Twelve Months | 125.5% | 11.1% | 11.1% | 20.8% | -24.5% | 527.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 3.3% | 4.2% | 10.6% | 4.9% | -0.4% | |
| Prior Fiscal Year | 3.0% | 3.7% | 4.4% | 9.1% | 4.4% | 0.3% | |
| Latest Fiscal Year | 3.2% | 3.7% | 4.8% | 11.0% | 3.9% | 1.4% | |
| Latest Twelve Months | 3.2% | 3.7% | 4.9% | 11.0% | 3.2% | 1.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.28x | 0.33x | 0.44x | 1.89x | 0.24x | 0.16x | |
| EV / LTM EBITDA | 59.0x | 6.3x | 4.4x | 13.5x | 3.1x | 8.6x | |
| EV / LTM EBIT | 72.2x | 8.8x | 8.8x | 17.2x | 7.6x | 11.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.6x | 8.8x | 72.2x | ||||
| Historical EV / LTM EBIT | -7.0x | -2.6x | 11.5x | ||||
| Selected EV / LTM EBIT | 8.5x | 8.9x | 9.4x | ||||
| (x) LTM EBIT | 1,420 | 1,420 | 1,420 | ||||
| (=) Implied Enterprise Value | 12,016 | 12,648 | 13,281 | ||||
| (-) Non-shareholder Claims * | 8,794 | 8,794 | 8,794 | ||||
| (=) Equity Value | 20,809 | 21,442 | 22,074 | ||||
| (/) Shares Outstanding | 2,520.9 | 2,520.9 | 2,520.9 | ||||
| Implied Value Range | 8.25 | 8.51 | 8.76 | ||||
| FX Rate: HKD/EUR | 9.1 | 9.1 | 9.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.91 | 0.94 | 0.96 | 1.06 | |||
| Upside / (Downside) | -13.9% | -11.3% | -8.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DIXON | 600060 | 6752 | 6758 | A066570 | TC2A | |
| Enterprise Value | 1,023,411 | 19,419 | 3,588,835 | 24,546,305 | 21,688,545 | 15,381 | |
| (+) Cash & Short Term Investments | 2,635 | 15,910 | 912,167 | 1,764,679 | 6,985,000 | 13,585 | |
| (+) Investments & Other | 0 | 801 | 676,477 | 369,686 | 0 | 1,937 | |
| (-) Debt | (6,710) | (1,358) | (1,559,578) | (4,213,065) | (15,168,600) | (6,257) | |
| (-) Other Liabilities | 0 | (5,487) | (174,362) | (372,457) | 0 | (472) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,019,336 | 29,284 | 3,443,539 | 22,095,148 | 13,504,945 | 24,175 | |
| (/) Shares Outstanding | 60.5 | 1,281.6 | 2,334.6 | 6,004.1 | 180.1 | 2,520.9 | |
| Implied Stock Price | 16,848.00 | 22.85 | 1,475.00 | 3,680.00 | 75,000.00 | 9.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 9.09 | |
| Implied Stock Price (Trading Cur) | 16,848.00 | 22.85 | 1,475.00 | 3,680.00 | 75,000.00 | 1.06 | |
| Trading Currency | INR | CNY | JPY | JPY | KRW | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 9.09 | |